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Ill hook you up with the momentum bars later on...ill have to dig them out
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
Finally got my last scale out here, slow day...alot of patience
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
It took forever to finally find a set up but I got a nice move after the lunch hour and into the close. The market appeared to be making an artificial floor all morning and attracting weak hand buyers. My bias changed to short after this AM when we failed to make a new high from yesterday. The destination then becomes Y's lower end of its range. We finally made a retracement up to the DVAH and I got short from there. I considered selling the RTH VWAP earlier which would have been valid throughout the day but I wanted to wait for some nice confluence. Had the market run away, I could've always got in somewhere later down the line. Anyway, nice close into the end of the day.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
The daily ranges have been fairly frustrating lately so, I thought I'd take a look at the bigger picture and see what we have occurring here.
Here's a daily chart plotting the Average True Range for 30 days as well as the volume with a 30 day average. What's interesting here is we continue to have a decline in the daily range while it is clear that volume is starting to move above the average. Keep in mind we're coming out of the holiday season which has a clear affect on the averages but it'll be interesting to see if we can continue to climb from these lows.
Here's a chart of the daily Oil Vix reflecting the same context coming from its lows which is seasonal but could provide a catalyst for some higher volatility.
The market looks like it wants to continue to push higher however, it could not take out yesterday's high but remained with in yesterday's balance and value (inside day). The afternoon spike was just a classic probe to take out some levels. We've been balancing at these highs for quite some time now, I'd think we would get a nice break from here at some point.
Oil is at trendline resistance on monthly, weeklly , and daily charts. I am not sure how everyone feels about trendlines, but it could have something to do with it.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Yep, that certainly has something to do with it. I've posted this chart on here before saying that would be the next area of potential resistance and sure enough, here we are.
With this long from this morning, where would your stop be? Wouldn't it have to be on the other side of the POC, which makes it a large stop? Wouldn't you consider this trade, trading in the middle? I understand that we were testing a VAH, but I thought you like the extremes, which this is not. I am sure the trade worked out since you took your both your scale outs, but just asking for education purposes
Thanks for all your posts by the way. We really appreciate you
